Coins and notes may have once been crucial to how we paid for goods and services, but there seems to have been a real shift away from using them in recent years.
Last year, a study by Mastercard suggested that many parts of the world were embracing digital payments, with people in areas like the Asia Pacific and Latin America admitting to going cashless. In addition, it was revealed that contactless had become hugely popular across Europe.
Now, a new study has put a spotlight on payment trends in Ireland, and once again it appears that we are heading for a digital future.
Earlier this month, KBC Bank released its Digital Indicator Survey, which examines how digital services and technology are impacting people across the country.
Looking specifically at payments, the research found that 74% of people in Ireland are using cashless. More than half of the respondents also stated that digital payment options would replace cash within the next decade, with 44% suggesting that could happen by 2025.
Young millennials were found to be the most likely to use only digital payments going forward, while they were followed by individuals aged 66 or over. Looking more generally at technology, 85% of Irish consumers stated they were confident when using digital services, with many aware of products like streaming services and fitness tracking.
The KBC Bank findings are undoubtedly fascinating and they once again highlight how attitudes to payments appear to be changing. However, it is not just consumers who are embracing new ways to pay, as many businesses have also shown an interest in accepting these emerging methods.
A number of industries have chosen to move with the times and this is highlighted by the range of brands that now accept Apple Pay. The official site details how the service can be used in many shops, restaurants, and more, including the Disney Store, KFC, Lego, and Subway. It is also accepted online at sites such as Etsy, Groupon, and Ticketmaster. Digital payments have also been embraced in some areas of gaming as well, including the online casino industry. This is demonstrated by HowToBet.com, as sports betting/online gambling on the gambling wiki list the many payment methods that different brands tend to accept. Names that are regularly referenced in the articles include PayPal, Neteller and Skrill.
Many brands in the travel industry also support digital payments, with the Apple Pay site making reference to the likes of Airbnb and a host of transit systems. In addition, some airlines accept such payment methods, with United detailing how its customers can use PayPal.
An intriguing future
All in all, it seems pretty evident that consumers – and a huge number of businesses – are now happy to accept a new way to pay.
The KBC Bank survey has put a clear spotlight on trends in Ireland and it will be intriguing to see how matters in the country develop in the years ahead.